Target 14311 : Where C = A & Risk/Reward is 1:6
Target 13721: Where C = 161% of Wave A & Risk/Reward is 1:10+
It's been a spectacular bull run since March 2020 Lows. Expecting some correction or deeper pullback this time.
Nifty trading at resistance or near to Corrective Wave B highs.
I'm shorting nifty , anticipating that Wave B is completed at 15273, and now we are going lower in Wave C for a target of 14311 ( C=A ) or deeper at 13721 ( 161% of Wave A )
We can never be sure that it's a Wave C and Nifty will fall. Trading is all about probabilities, It's probable that Wave B is completed and Nifty may fall or correction may come in form of Wave C to mention targets.
We can not control the outcome, we can only control our trade.
If I'm wrong on this trade then my Stop-loss is at 15275 or 135 Points. It's a good opportunity to trade for me because of the Risk To Reward Ratio.
In case like today when opening is above the stop-loss price, I will wait for the 15 min 1st candle to get completed & will be placing stop-loss at 9:30 at the high of 1st candle.
This is not the 1st time, in past there are many caes like this.
Target is 14311 for 1:6 Risk / Reward - Where C=A
Today's Low So far 14350.
The next Target is 13721 For 1:10 Risk/Reward
Not in a hurry to book profit, let the profit run. Awaiting 13721 With Trailing Stop-loss.
Awaiting 1:10 Risk/Reward at 13721.
C=A is completed.
Awaiting C = 161% of A. at 13721